Liam Fox talks trade since the referendum

On Tuesday the International Trade Secretary Liam Fox made a speech at a forum held by Citi and the Financial Times. Despite many predictions of uncertainty surrounding trade following the referendum, Dr Fox informed the audience that UK exports have grown by £110 billion.

We have also retained our position as the number one destination for foreign direct investment in Europe and number three globally. According to the UN’s Conference on Trade and Development, in the first six months of 2018 the UK was second only to China, attracting $65.5 billion of investment compared to China’s $70 billion.

Although figures look positive, the Department of International Trade are aware that businesses need reassurance and support; they are helping businesses prepare by issuing technical notices on Trade Remedies, Export Controls, Tariffs and EU Trade Agreements.

Internet giant Alibaba set new sales records for Singles Day

Singles Day is the world’s biggest online sales event and according to Bloomberg this year’s total was more than Black Friday and Cyber Monday’s totals combined. Consumers spent $30.8 billion, up 27 per cent on last year, but the lowest annual increase in the history of Singles Day.

Alibaba Group Chief Executive Daniel Zhang said the spending frenzy demonstrated “customers’ continued pursuit to upgrade their everyday lifestyles.” The Chinese e-commerce company continues to break world records with $1 billion dollars being made in the first 85 seconds of the 24-hour discount day.

China International Import Exposition

Last week International Trade Secretary Dr Liam Fox attended the China International Expo in Shanghai where the UK was named as “Country of Honour”. Over recent months China has started to open up its markets for UK goods. The Department for International Trade’s (DIT) presence at the International Expo should secure even more opportunities for UK businesses.

Championing UK business, Dr Fox toured the UK Pavilion in China as it showcased world-leading companies including Jaguar Land Rover and British Airways. DIT also promoted a range of sectors popular in the Chinese market including healthcare, education and the creative industries.

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